Celebs are individuals, too. They make bad investments and lose cash like everyone else. Here are a few bad celebrity investments people remember.
All about Mark Twain
In the late 19th century, Mark Twain invested $150,000 to $300,000 on a machine known as the Paige Compositor for 11 years. That was a ton of money back then to throw into an investment. This renowned writer, known as the first modern celebrity in America by some, wanted this typesetter that was intended to be much faster than standard Linotype. The business passed away pretty easily as the machine was hard to work with and had over 18,000 parts.
Bad Jay-Z investment
Another example of a very bad investment was when Jay-Z decided to put up a 15,000-square-foot luxury hotel in the Chelsea neighborhood in 2007. He got a $52 million loan, and wound up not being able to pay it when the economy crashed in 2008. He defaulted on the loan, and the lender got the land back. The construction as never finished. It was not until December 2010 that the whole ordeal was over with out-of-court settlements.
Massive losses for Bono
The U2 front man is a managing director for the private media and entertainment equity firm Elevation Partners. After making a killing with investments in Yelp, Facebook and video game businesses BioWare and Pandemic Studios, later investments in Palm ($460 million) and Forbes, Inc. ($300 million) turned into large losses. Ultimately, Elevation's return on those investments was only $25 million, which was enough to convince the website 24/7 Wall Street that Bono is "the worst investor in America."
Idea Larry King had
A life insurance scam that flipped policies was something King accidently got behind. He made $1.4 million despite the fact that he gave up two policies worth $15 million.
Losing to Madoff
Bernard Madoff is currently in jail for 11 federal felonies and serving a 150 year prison sentence. His $65 billion Ponzi scheme stole from over 200 investors, many of which were celebs. Now, all those investors are trying to figure out how to proceed to make up for the lost cash.
Movie star investment
Bert Reynolds really struggled after his movie star days. He decided to put $15 million into the restaurant chain PoFolks. He started this restaurant in Texas, Florida and California. It perished off, as would be anticipated, and he lost everything in the divorce with Loni Anderson. He wound up going bankrupt in 1996, which did not hurt too badly considering he was able to keep all property he owned that was not already claimed by Anderson such as a $2.5 million mansion. This was despite the fact that he really owed $10 million at the time.
Just one more from Debbie Reynolds
Debbie Reynolds decided she wanted to open a Las Vegas casino and hotel in 1991, although she did not realize that being off the strip would make it impossible to stay in business. It was called the Debbie Reynolds Hotel and Casino, but she wound up selling it for $10 million to the World Wrestling Federation in 1998 after a 1997 bankruptcy. She ended up broke, and was even more serious off when having to sell all her movie career memorabilia in 2010 when her museum went bankrupt.
All about Mark Twain
In the late 19th century, Mark Twain invested $150,000 to $300,000 on a machine known as the Paige Compositor for 11 years. That was a ton of money back then to throw into an investment. This renowned writer, known as the first modern celebrity in America by some, wanted this typesetter that was intended to be much faster than standard Linotype. The business passed away pretty easily as the machine was hard to work with and had over 18,000 parts.
Bad Jay-Z investment
Another example of a very bad investment was when Jay-Z decided to put up a 15,000-square-foot luxury hotel in the Chelsea neighborhood in 2007. He got a $52 million loan, and wound up not being able to pay it when the economy crashed in 2008. He defaulted on the loan, and the lender got the land back. The construction as never finished. It was not until December 2010 that the whole ordeal was over with out-of-court settlements.
Massive losses for Bono
The U2 front man is a managing director for the private media and entertainment equity firm Elevation Partners. After making a killing with investments in Yelp, Facebook and video game businesses BioWare and Pandemic Studios, later investments in Palm ($460 million) and Forbes, Inc. ($300 million) turned into large losses. Ultimately, Elevation's return on those investments was only $25 million, which was enough to convince the website 24/7 Wall Street that Bono is "the worst investor in America."
Idea Larry King had
A life insurance scam that flipped policies was something King accidently got behind. He made $1.4 million despite the fact that he gave up two policies worth $15 million.
Losing to Madoff
Bernard Madoff is currently in jail for 11 federal felonies and serving a 150 year prison sentence. His $65 billion Ponzi scheme stole from over 200 investors, many of which were celebs. Now, all those investors are trying to figure out how to proceed to make up for the lost cash.
Movie star investment
Bert Reynolds really struggled after his movie star days. He decided to put $15 million into the restaurant chain PoFolks. He started this restaurant in Texas, Florida and California. It perished off, as would be anticipated, and he lost everything in the divorce with Loni Anderson. He wound up going bankrupt in 1996, which did not hurt too badly considering he was able to keep all property he owned that was not already claimed by Anderson such as a $2.5 million mansion. This was despite the fact that he really owed $10 million at the time.
Just one more from Debbie Reynolds
Debbie Reynolds decided she wanted to open a Las Vegas casino and hotel in 1991, although she did not realize that being off the strip would make it impossible to stay in business. It was called the Debbie Reynolds Hotel and Casino, but she wound up selling it for $10 million to the World Wrestling Federation in 1998 after a 1997 bankruptcy. She ended up broke, and was even more serious off when having to sell all her movie career memorabilia in 2010 when her museum went bankrupt.
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